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August 21, 2018
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Honey to Sweeten L.A. Arts District Office Market

8/02/18

By Allen Wolfsheimer

Honey, an online coupon firm, has agreed to lease an entire 130k sf building in downtown L.A.ís Arts District that was constructed and occupied by Coca-Cola as a syrup manufacturing plant. According to an article in the L.A. Times by Roger Vincent, Honey inked a 10-year lease for the refurbished industrial building, owned by Hudson Pacific Properties.

Image: Hudson Pacific Properties
Image: Hudson Pacific Properties
The lease value was not given out, although the Times piece references CBRE figures of about $4.66/sf/mo as a typical asking rate for renovated office space in the Arts District. Based on that rate, the deal value could top $70 mil.

Located at 963 E 4th St, at the intersection of E 4th and Traction Ave, the building was constructed in in phases between 1915 and 1960, according to the Hudson Pacific website. The renovated building features creative office space, a rooftop penthouse and deck, and a new parking structure. Large 30k sf floor plates complement original architectural details such as 14-foot ceilings and operable steel frame windows.

The property, on the east side of downtown, offers easy access to the 101, 110, 5, 10 and 60 Freeways, and is very close to multiple modes of public transportation. It is also near many retail, restaurant and cultural/entertainment choices.

Los Angeles-based Honey got its start in Pasadena back in 2012, before relocating its headquarters to Los Angeles in 2015. The firm expects its staff to grow from 175 employees now to around 275 in a year, when they relocate to their new home.

The CBRE team of Phillip Ruhl, John Zanetos, Rob Waller and Patrick Amos, along with Mark Finkle at RKF, were overseeing the marketing of the property for Hudson Pacific, who acquired the building in 2015 for around $49 mil. Corey Davidson of Savills Studley repped Honey in the deal.




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